Welcome to our dedicated page for Converge Technol news (Ticker: CTSDF), a resource for investors and traders seeking the latest updates and insights on Converge Technol stock.
Overview
Converge Technology Solutions Corp. (CTSDF) is a globally recognized, services-led and software-enabled IT & cloud solutions provider. The company specializes in delivering cutting-edge advanced analytics, artificial intelligence, and cloud computing solutions to address complex business challenges. With a keen focus on digital transformation, Converge brings together deep domain expertise, a customer-centric consultative approach, and a comprehensive suite of IT services designed to streamline operations and enhance organizational efficiency across diverse industries.
Core Business Areas
Converge operates across a broad spectrum of technology sectors. Its core business areas include:
- IT & Cloud Solutions: The company provides integrated cloud platforms, application modernization, and digital infrastructure services that empower enterprises to leverage scalable, cost-effective, and secure technological environments.
- Advanced Analytics & Artificial Intelligence: Leveraging state-of-the-art analytics and AI methodologies, Converge delivers actionable insights for improved decision-making while driving operational efficiencies through machine learning and automation.
- Cybersecurity: In today’s digital landscape, cybersecurity is critical. Converge’s cybersecurity offerings are designed to safeguard digital assets, ensuring network security, data privacy, and regulatory compliance for businesses of all sizes.
- Managed Services: By offering advisory, implementation, and managed services, Converge supports end-to-end IT implementations and continuous operational management, enabling businesses to focus on core strategic initiatives while leaving IT complexities to the experts.
Innovative Technology & Strategic Partnerships
Innovation is central to how Converge approaches business challenges. The company has built a reputation for adopting supplier partnerships and integrating next-generation technologies. Among its notable initiatives is the deployment of the QuantumSim™ secure multi-LLM gateway, which underpins its advanced generative AI solutions. This platform is designed to support complex modules such as QS SecureGPT, QS Contracts, and QS Benefits, enabling clients to optimize contract management, enhance benefit analysis, and drive operational efficiencies.
Furthermore, Converge has strategically aligned with major technology players like IBM and Forum Systems to deliver solutions such as Contact Center IQ. This solution enhances customer experiences in contact centers through robust AI-powered analytical insights, streamlining knowledge management, and simplifying complex customer service functions. Such strategic collaborations underscore Converge's commitment to continuously evolving its service offerings to meet the dynamic demands of technology and digital transformation.
Global Presence & Market Position
Operating on a global scale, Converge has established itself as a trusted advisor to both public and private sector organizations. The company’s geographically diverse operations and strong relationships with all major IT vendors allow it to offer tailored solutions to a wide range of industries, including healthcare, finance, retail, and government. This extensive reach, combined with a comprehensive service portfolio, positions Converge as a significant player in the IT services market, helping clients modernize their operational infrastructure and manage digital risks efficiently.
E-E-A-T and Industry Expertise
Converge demonstrates deep expertise in advanced digital solutions through its robust methodologies and strong track record in technology integration. Its experience is reflected in the seamless integration of legacy systems with modern platforms, supported by a strong advisory practice that guides clients throughout the digital transformation journey. With clear authoritativeness in its technical domains—from cloud infrastructures and AI innovations to cybersecurity and managed services—Converge establishes trustworthiness among its clientele by continuously delivering secure, reliable, and scalable IT solutions that are essential for sustainable business operations.
Customer-Centric Approach
The company’s AIM (Advise, Implement, Manage) methodology lies at the heart of its operational excellence. This customer-focused model ensures that each solution is designed to address specific client needs, integrate smoothly with existing systems, and drive tangible business outcomes. Whether it’s optimizing IT spend through intelligent contract analysis or streamlining digital workplace transformation with robust cloud and cybersecurity measures, Converge consistently prioritizes client satisfaction and operational efficiency.
Integrated IT Services Framework
Converge’s integrated framework spans the full spectrum of IT services. From initial IT assessments and strategic advisory services to the execution of complex IT implementations and the ongoing management of digital infrastructures, the company offers a cohesive suite of services designed to mitigate risk, reduce complexity, and promote a culture of continuous improvement. This holistic approach not only ensures smooth transitions to modern technology landscapes but also supports sustainable growth and scalable innovation across client operations.
Conclusion
In summary, Converge Technology Solutions Corp. represents a comprehensive, innovative, and globally integrated IT and cloud solutions provider. Its blend of deep industry expertise, a strong commitment to secure and scalable digital transformation, and strategic technology partnerships makes it a trusted resource for businesses aiming to overcome complex technological challenges. By consistently applying E-E-A-T principles, Converge delivers solutions that are both technically robust and strategically aligned with the evolving needs of today’s digital economy, providing clarity and actionable insights that are vital for long-term operational success.
Converge Technology Solutions Corp. (TSX: CTS) (FSE: 0ZB) (OTCQX: CTSDF) has announced a conference call to discuss its third quarter fiscal 2024 results on Tuesday, November 12th, 2024 at 8:00am EST. The call will be hosted by the Converge leadership team, followed by a question-and-answer session. Financial results will be reported in the morning prior to the call.
Participants can join via webcast or dial-in with operator assistance. The conference ID is 71060. International toll-free numbers are provided for Germany, Ireland, Spain, Switzerland, and the United Kingdom. A recording playback will be available until November 19th, 2024. Presentation slides and an archive of the call will be accessible on the company's investor relations website.
Converge Technology Solutions Corp. (TSX: CTS) has joined Red Hat Partner Practice Accelerator, a specialized growth pathway for select partners with validated professional services delivery capabilities. This collaboration aims to enhance Converge's ability to deliver successful customer outcomes using Red Hat technologies and services within the commercial sector, particularly in mid-market and SMB segments.
The program focuses on enabling partners to provide critical services related to automation and application modernization, using solutions like Red Hat Ansible Automation Platform and Red Hat OpenShift. Converge's participation demonstrates its commitment to deepening capabilities and supporting customers more effectively. The collaboration is part of Red Hat's evolving partner engagement model, designed to implement a standardized, globally unified approach to collaboration.
Converge Technology Solutions Corp. (TSX: CTS) has successfully achieved PCI-DSS certification for its IBM Power for Google Cloud (IP4G) platform. IP4G is an Infrastructure as a Service (IaaS) solution available on Google Marketplace, enabling clients to run native AIX, IBM i, and Linux workloads in the Google Cloud environment. The certification validates IP4G's security and reliability, particularly for clients managing mission-critical retail, financial, and banking applications. This achievement expands Converge's addressable market within the retail and financial industries, reinforcing its commitment to providing secure and compliant industry solutions.
Converge Technology Solutions Corp. (TSX: CTS) (FSE: 0ZB) (OTCQX: CTSDF) has received approval from the Toronto Stock Exchange (TSX) for a Normal Course Issuer Bid (NCIB). The company can purchase up to 18,408,927 common shares for cancellation, representing 10% of its public float. The NCIB will run from August 13, 2024, to August 12, 2025. Converge believes this action reflects the underlying value of its business and future prospects. Purchases will be made on the open market at prevailing prices. The company also plans to enter an automatic share purchase plan (ASPP) with Canaccord Genuity Corp. to facilitate repurchases during blackout periods. Daily purchases are to 113,438 shares, about 25% of the average daily trading volume. Under its previous NCIB, Converge bought back 10,027,500 shares at an average price of $5.0595.
Converge Technology Solutions Corp. (TSX: CTS) (OTCQX: CTSDF) reported Q2 2024 results with gross sales of $1.06 billion, up 11.1% year-over-year. Key highlights include:
- Gross profit increased 2.1% to $179.3 million (27.5% margin)
- Adjusted EBITDA rose 8.6% to $45.1 million
- Cash from operations improved to $52.4 million
- Returned $47.4 million to shareholders via dividends and buybacks
- Reduced net debt by $194 million year-over-year to $157.9 million
The company announced a CEO transition, with Greg Berard assuming full executive responsibilities in 2025. Converge also provided Q3 and FY2024 guidance, projecting revenue of $2.62-2.66 billion and Adjusted EBITDA of $176-184 million for the full year.
Converge Technology Solutions Corp. (TSX: CTS) has announced its participation in the Canaccord Genuity 44th Annual Growth Conference in Boston, MA. This event brings together institutional investors and promising growth companies from various sectors. Shaun Maine (Group CEO), Greg Berard (CEO), and Avjit Kamboj (CFO) will participate in a fireside chat on Tuesday, August 13th, 2024, at 2:30pm ET. The chat will be broadcast live via a webcast link, with a video replay available on the company's IR website afterward. This conference provides Converge with an opportunity to showcase its growth potential to a wide range of institutional investors.
Converge Technology Solutions Corp. (TSX: CTS) (FSE: 0ZB) (OTCQX: CTSDF) has announced a conference call to discuss its second quarter fiscal 2024 results on Thursday, August 8th, 2024 at 8:00am EST. The call will be hosted by the Converge leadership team, followed by a Q&A session. Financial results will be reported prior to the call.
Participants can join via webcast or dial-in, with international toll-free numbers available. A recording playback will be accessible until August 15th, 2024. Presentation slides and an archive of the call will be available on the company's investor relations website.
Converge Technology Solutions Corp. (TSX: CTS, FSE: 0ZB, OTCQX: CTSDF) has announced the deconsolidation of its subsidiary, Portage CyberTech Inc., effective June 27, 2024. This follows Converge's decision to relinquish its right to majority representation on Portage CyberTech's board pursuant to a June 27, 2024 voting agreement. Concurrently, Portage CyberTech secured a new $15 million credit facility with CIBC, drawing $10 million immediately, with an additional $5 million contingent on achieving future targets. Converge retains a 51% ownership stake and a $25 million long-term loan with Portage CyberTech. CEO Shaun Maine emphasized that this move will allow both companies to pursue independent growth paths.
Converge Technology Solutions (TSX: CTS) was named North America Storage Partner of the Year by Hewlett Packard Enterprise (HPE) during the 2024 HPE Discover conference. This award is part of HPE's Partner of the Year Awards 2024, which recognizes partners for exceptional financial performance, innovative solutions, and significant business results. Converge's CEO, Greg Berard, expressed gratitude for the award, highlighting the successful and ongoing collaboration between Converge and HPE.
HPE’s VP of Worldwide Channel & Partner Ecosystem, Simon Ewington, emphasized the importance of partnerships in delivering successful customer outcomes. This recognition underscores the value that Converge brings to its customers in their digital transformation journeys.
Converge Technology Solutions has been named the Alteryx 2024 Americas Acceleration Partner of the Year. This honor was awarded at the Alteryx user conference, Inspire, as part of the Maveryx Excellence Awards. Converge earned this recognition for its significant contributions in providing impactful data insights to customers over the past year.
CEO Greg Berard expressed pride in the award, highlighting the company's commitment to delivering advanced analytics solutions that drive business outcomes. The accolade underscores the importance of Converge's partnership with Alteryx in helping clients navigate data-driven journeys effectively.
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